Canada Jetlines (AU, Toronto Pearson) has appointed BDO Canada as its trustee and filed a Notice of Intention to Make a Proposal, the first step of a restructuring process under the county’s Bankruptcy and Insolvency Act. On August 15, Canada Jetlines announced it would suspend all flights and file for creditor protection after it ran out of cash and exhausted all financing options.
“The filing of the Notice of Intention has the effect of imposing an automatic stay of proceedings that will protect the company and its assets from claims and enforcement proceedings of creditors and contractual counterparties,” an August 21 statement from the airline reads.
“During the stay, subject to certain…
